Group 1 - The pharmaceutical sector is showing signs of recovery after four consecutive years of decline, with over 80% of pharmaceutical-related thematic funds rising as of May 16, and 11 products achieving over 30% growth, led by Changcheng Pharmaceutical Industry Select A with a 42.48% year-to-date return [1] - The performance of Hong Kong stocks in innovative drugs is notable, with the Hong Kong Stock Connect Innovative Drug Index rising by 28.37% year-to-date. The concentration in innovative drug stocks is a key factor in the performance of pharmaceutical thematic funds, with top-performing funds heavily invested in Hong Kong innovative drug stocks [3] - There has been significant capital inflow into innovative drug-themed ETFs, with several funds receiving net inflows of hundreds of millions since the second quarter. Additionally, there has been an increase in applications for new pharmaceutical funds, with at least 23 funds applying for approval in the last three months, over half of which are initiated products [3] Group 2 - The rise of innovative drugs is attributed to policy support, optimized procurement rules, and accelerated R&D progress by leading pharmaceutical companies. The future of the sector looks promising as domestic innovative drugs expand internationally and commercialization efforts advance [3] - Comparisons between A-share and Hong Kong markets indicate that Hong Kong innovative drug companies have less valuation bubble and more quality assets, while A-shares have many companies transitioning from generic to innovative drugs, suggesting greater potential for valuation increases [4] - AI in healthcare is becoming a focal point for institutional investors, with innovative drugs seen as mid-term high-probability assets and AI healthcare as a favorable opportunity, introducing new variables to the pharmaceutical sector [4]
医药板块曙光初现？ 港股创新药成业绩关键
Huan Qiu Wang·2025-05-21 02:20